Understanding the Basics of Form W-2.pptx

A W-2 form is used to record an employee's annual income and the amount of taxes withheld by their employer.

1. Understanding the Basics of Form W-2

2. What is a W-2 form used for? A W-2 form is used to record an employee's annual income and the amount of taxes withheld by their employer. It offers thorough details on pay, tips, and other benefits. Employees utilize it to file their tax forms and verify that their income and taxes are reported accurately. The form is required for calculating taxes payable or determining if a refund is due.

3. Who must file IRS Form W2? Employers must submit their IRS Form W-2 . In particular: Employers: Form W-2 must be submitted for each employee by any organization or business that provides wages, salaries, or other forms of remuneration to staff members. Entities: These include government entities and non-profit groups in addition to corporations, partnerships, and sole proprietorships.

4. When is the Deadline for Filing Form W-2? Filing Methods Deadline E-filing January 31, 2024 Paper filing January 31, 2024 Employee copy deadline January 31, 2024 The SSA requires employers to submit their W2s on or before January 31 . File Before the Deadline to Avoid penalty.

5. What are the Form W-2 Copies? Copy A To be sent to Social Security Administration Copy 1 To be sent to City, State, or Locality Copy B To be filed with Employee’s Federal Tax Return Copy C For employee's records Copy 2 To be filed with Employee’s State, City, or Local Income Tax Return Copy D For employer's records

6. What is the Penalty for late Filing W-2? For Form W2, the IRS charges late filing penalties that vary from $60 to $330 depending on the duration of the delay and the size of a company. Penalties for the 2024 tax year have been raised. Learn more about W-2 Penalties .

7. Meet your W-2 E-filings with TaxBandits! File Form W2 electronically and transmit to the IRS , all required states using TaxBandits.com, an IRS authorized e-file provider supporting e-filing for all the 1099 , W2, 94x, and ACA Forms. Simply follow the steps mentioned below to Filing W-2 with the IRS and State Step 1: Create an account in TaxBandits and select Form W-2. Step 2: Enter Form W-2 Information Step 3: Review Form W-2 Information Step 4: E-file it with the IRS and State